Playa del Ingles (Gran Canaria) Property

2008 report

This report was prepared by Engel & Völkers, a real estate agency with offices in many of Spain’s most popular destinations. It is reproduced here with permission. More information on Englel & Völkers

Playa del Ingles properties

The south of the island has its own unique micro climate and excellent warm, sunny weather here is guaranteed. The emphasis is on living by the sea or with sea views and properties tend to be more recent. In this area there are still a lot of new developments coming onto the market. New facilities include a new sports complex at Monte León. The island is becoming increasingly accessible with more daily flights and new routes coming on line.

Here the local office has seen market values increase slightly for specific properties such as well appointed apartments, chalets and plots of land with average costs of €250,000, €350,000 and €1,000 per sq metre respectively. Villas, which average in price of around €1 million, are holding their value and most property is selling within the year.

The main demand is for apartments and villas with more requests for contemporary designer properties and 40% of buyers want a second home, 30% want a first residence and 30% are investing.

Once again there is an international market here split between the main markets of Germans, British, Irish (recent rise in Irish investors) the rest of the market made up of Spanish, Scandinavians, Swiss, Dutch, Belgian, French and Russians. The majority of buyers are over 50 years of age reflecting the fact that the area is popular with retired buyers.

The local office enjoyed a good 2007 and is bullish about its prospects in 2008. It highlights the areas of Monte León, Torra and Salobe Golf as areas to investigate this year.